41 – Lessons from an experienced property development manager


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Manage episode 214908821 series 2419074
By Justin Gehde. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
Effectively managing a development project is a key skill for any property developer, but what happens when you delegate that responsibility to a development manager? Today’s guest, Bryce Yardney is a development manager with Metropole Property. I spoke with his father, Michael Yardney in episode 36, go back and take a listen to that if you want to know how Michael got his property investment business going. Bryce is responsible for managing around 50 projects for clients so has lots of experience acquiring sites, getting permits and building product. In this conversation we discuss common developing pitfalls to avoid, the foundational principles that will set up a project to succeed, and what happens when your builder goes bankrupt before completion. Lessons for real estate developers Thanks to Bryce for sharing his stories and tips with me. It was interesting for me to hear how paying clients like to be involved with their projects, and some of the challenges that brings up, not unexpected challenges, just issues to be dealt along the way, like everything else to do with a development. Here are three other lessons I took away from my chat with Bryce: 1. Outline the property development process and likely issues to prospective clients If you are thinking of taking on board investors or working on behalf of someone else, it is a good idea to spend time educating them about the likely issues that will be faced, the timelines for getting things done, and other challenges that are bound to come up. I find that completing a project is never a straight line from buy to settle, there’s always lots of twists and turns along the way, so making people aware of that is helpful for when that inevitable curly issue pops up! 2. Don’t get emotional about the finished housing product I can understand how an investor client may want to get deeply involved in choosing finishes, colours, material etc but as a professional developer it is wise not to lose sight of the bigger picture when speccing a property, and that’s coming up with a product that suits the market and sells at a price that allows a sufficient margin for your effort and risk. The product should be suited for the end buyer and user, not necessarily the developer or project sponsor. 3. Have good people on your property development team Bryce mentioned that he has good people helping him manage the projects, and they are skilled at solving problems and getting things done. Having the right people around you will enable you to delegate more effectively and ultimately leverage your time so you can focus on the things that will take your business to the next level. I like to select good people and allow them to take charge and put their skills to work in their area of expertise , on the flip side, don’t be afraid to let people go who aren’t performing! That’s just about all for this episode, if you want to hear from other developers about their journey so far try listening to episode 34 (http://propertydeveloperpodcast.com/2017/07/31/34-experienced-north-american-property-developer-shares-top-tips-for-success/) with architect turned developer Keith Miller, or episode 15 (http://propertydeveloperpodcast.com/2016/06/02/zero-to-40-million-worth-of-property-development-projects-in-five-years/) with Brisbane developer Shane Hiscock. Links Metropole Property - https://metropole.com.au/ Property Update - https://propertyupdate.com.au

81 episodes